McNasty
Member
Part 1 of Notes from the AGM of Southend United Football Club
held 12th November 2008 at the Council Chambers,
Civic Centre, Southend on Sea
The meeting began with Ron Martin making welcome the 120 or so shareholders in attendance, explaining that with the recent share issue there had been an anticipation that maybe 300 or 400 shareholders may have been in attendance, which was why the meeting had been arranged at the Council Chambers. and the introduction of the 6 non-executive Directors - M Markscheffel (Universal Cycles connection, specific interest in development of the youth section), Derek Wilshire (specific interests in the youth section and the Trust, made an offer to stand down due to his severe arthiritis), Paul Robinson (partner in local solicitors), Gary Lockett (MD of main Club sponsors, Insure and Go), Ray Osborne (Chartered Accountant and recent partner of Rickard Keen Accountants, specialises on the financial and accounting side). Frank van Wezel (director of Hi Tec Sports) was unfortunately absent on business.
Ron went on to say that the development of our youth section is one of the priorities within the club, with the intention that the Centre of Excellence acquires Academy status by 2010. He then introduced Geoffrey King and Helen Norbury, the Company Secretary and handed over to Geoffrey King for the business part of the proceedings.
Geoffrey King officially opened the meeting and introduced the business. Apologies for absence had been received from Frank van Wezel.
Minutes from the previous meeting held on 18th December 2007 had been adopted previously.
Geoffrey proposed the consideration and adoption of the Directors’ Report and Accounts for the year end 31st July 2007 and invited any questions from the floor. No questions were forthcoming Ron Martin, at this point, advised the meeting in general that any person with specific questions relating to the report or Accounts was welcome to speak afterwards, as he realised some may not want to do so in the meeting. He commented that we had had a good year in the Championship financially and were trying our best to get back there – “Aren’t we, Steve?” He also commented on the difficulty the Club was facing in breaking the wage structure put in place at that time. The adoption of the Report and Accounts were proposed and seconded from the floor, and carried unanimously.
Two full Directors were up for re-election, Geoffrey King explained that there is a rolling 3 year programme for election of Directors, and this year M Marksheffel and Ray Osborne were up for re-election. The re-election of both was proposed and seconded from the floor and carried unanimously. He then explained that Gary Lockett had been appointed a Director only in September, and that procedures required him to stand for re-election at the first meeting after his appointment. The re-election was again proposed and seconded from the floor and carried unanimously. Ron said he had noted the comments made earlier by Derek Wilshire regarding his health and that he would talk privately with him.
The Auditors, HLB Vantis plc, were re-appointed as Auditors for the coming year, with proposal and seconder coming from the floor, and the vote being carried unanimously.
This concluded the business part of the proceedings and Ron not invited Steve Tilson and Paul Brush to join him for a question and answer session. Discussion during this part touched on several areas, including contracts, which were not for general discussion outside of the meeting, and as such I have respected the confidentiality issues highlighted.
Ron began by repeating, again, the intention to return to the Championship as soon as possible, and said that things had started slowly this year, as they had last year and reminded us how things had changed last January with the investment in new players. He hopes to be able to make similar investment this January and commented that there is a period of frustration for the Club now until then, with the situation with the loanees. He commented that of course, he would like to keep all of them at the Club if possible. He said he was looking forward to a time we can truly invest in players, a situation unknown to Steve and Paul at present as the Club lives fairly hand to mouth. Ron added that buying out Delanceys was the trigger for the new stadium plans and that he had been unsurprised when the plans were called in by Government. He also said that the plans Sainsburys have for Roots Hall, while agreed in principle, were not expected to be “rubber stamped” until mid-December. He commented on the current financial situation and hoped that he has the financial skill to be able to circumvent obstacle. The new stadium and retail park was expected to cost approximately £80 million but hopefully the revenue generated would begin to fun investment from January 2009 up to and beyond completion of the new stadium.
Question 1- related to the number of loan players at the Club and the reliance on them, how a team composed of these players could get us into the Championship and then have to be rebuilt. It also made reference to the high wages of some of them, Dan Harding in particular and whether any of them would be prepared to take a cut in wages to come to us.
Ron Martin responded saying that if we got into the Championship, the situation with these players would be very different as they would be likely to want to stay. At the moment some of the loanees are on wages that are too high for a club of our level, and, using Dan Harding again, as an example, we are currently paying less than half his wages. Steve Tilson added that the likes of Hal Robson Kanu and Lee Sawyer were on considerably lower wages and that therefore the likelihood of being able to keep them was higher. Paul Brush added that Dan Harding is the best left back in the league at our level, he came to us low in confidence and with the difficulties around the widely known circumstances surrounding the death of his mother, has enjoyed his time with us.
Question 2 - one shareholder said that he’d like to see more sports involved in the new stadium to promote other sports in the area, citing Steve Tilson’s expertise in table tennis.
This was received with humour and the assurance that it would be looked into.
Question 3 – commented on reports that Reading were reported to be interes
held 12th November 2008 at the Council Chambers,
Civic Centre, Southend on Sea
The meeting began with Ron Martin making welcome the 120 or so shareholders in attendance, explaining that with the recent share issue there had been an anticipation that maybe 300 or 400 shareholders may have been in attendance, which was why the meeting had been arranged at the Council Chambers. and the introduction of the 6 non-executive Directors - M Markscheffel (Universal Cycles connection, specific interest in development of the youth section), Derek Wilshire (specific interests in the youth section and the Trust, made an offer to stand down due to his severe arthiritis), Paul Robinson (partner in local solicitors), Gary Lockett (MD of main Club sponsors, Insure and Go), Ray Osborne (Chartered Accountant and recent partner of Rickard Keen Accountants, specialises on the financial and accounting side). Frank van Wezel (director of Hi Tec Sports) was unfortunately absent on business.
Ron went on to say that the development of our youth section is one of the priorities within the club, with the intention that the Centre of Excellence acquires Academy status by 2010. He then introduced Geoffrey King and Helen Norbury, the Company Secretary and handed over to Geoffrey King for the business part of the proceedings.
Geoffrey King officially opened the meeting and introduced the business. Apologies for absence had been received from Frank van Wezel.
Minutes from the previous meeting held on 18th December 2007 had been adopted previously.
Geoffrey proposed the consideration and adoption of the Directors’ Report and Accounts for the year end 31st July 2007 and invited any questions from the floor. No questions were forthcoming Ron Martin, at this point, advised the meeting in general that any person with specific questions relating to the report or Accounts was welcome to speak afterwards, as he realised some may not want to do so in the meeting. He commented that we had had a good year in the Championship financially and were trying our best to get back there – “Aren’t we, Steve?” He also commented on the difficulty the Club was facing in breaking the wage structure put in place at that time. The adoption of the Report and Accounts were proposed and seconded from the floor, and carried unanimously.
Two full Directors were up for re-election, Geoffrey King explained that there is a rolling 3 year programme for election of Directors, and this year M Marksheffel and Ray Osborne were up for re-election. The re-election of both was proposed and seconded from the floor and carried unanimously. He then explained that Gary Lockett had been appointed a Director only in September, and that procedures required him to stand for re-election at the first meeting after his appointment. The re-election was again proposed and seconded from the floor and carried unanimously. Ron said he had noted the comments made earlier by Derek Wilshire regarding his health and that he would talk privately with him.
The Auditors, HLB Vantis plc, were re-appointed as Auditors for the coming year, with proposal and seconder coming from the floor, and the vote being carried unanimously.
This concluded the business part of the proceedings and Ron not invited Steve Tilson and Paul Brush to join him for a question and answer session. Discussion during this part touched on several areas, including contracts, which were not for general discussion outside of the meeting, and as such I have respected the confidentiality issues highlighted.
Ron began by repeating, again, the intention to return to the Championship as soon as possible, and said that things had started slowly this year, as they had last year and reminded us how things had changed last January with the investment in new players. He hopes to be able to make similar investment this January and commented that there is a period of frustration for the Club now until then, with the situation with the loanees. He commented that of course, he would like to keep all of them at the Club if possible. He said he was looking forward to a time we can truly invest in players, a situation unknown to Steve and Paul at present as the Club lives fairly hand to mouth. Ron added that buying out Delanceys was the trigger for the new stadium plans and that he had been unsurprised when the plans were called in by Government. He also said that the plans Sainsburys have for Roots Hall, while agreed in principle, were not expected to be “rubber stamped” until mid-December. He commented on the current financial situation and hoped that he has the financial skill to be able to circumvent obstacle. The new stadium and retail park was expected to cost approximately £80 million but hopefully the revenue generated would begin to fun investment from January 2009 up to and beyond completion of the new stadium.
Question 1- related to the number of loan players at the Club and the reliance on them, how a team composed of these players could get us into the Championship and then have to be rebuilt. It also made reference to the high wages of some of them, Dan Harding in particular and whether any of them would be prepared to take a cut in wages to come to us.
Ron Martin responded saying that if we got into the Championship, the situation with these players would be very different as they would be likely to want to stay. At the moment some of the loanees are on wages that are too high for a club of our level, and, using Dan Harding again, as an example, we are currently paying less than half his wages. Steve Tilson added that the likes of Hal Robson Kanu and Lee Sawyer were on considerably lower wages and that therefore the likelihood of being able to keep them was higher. Paul Brush added that Dan Harding is the best left back in the league at our level, he came to us low in confidence and with the difficulties around the widely known circumstances surrounding the death of his mother, has enjoyed his time with us.
Question 2 - one shareholder said that he’d like to see more sports involved in the new stadium to promote other sports in the area, citing Steve Tilson’s expertise in table tennis.
This was received with humour and the assurance that it would be looked into.
Question 3 – commented on reports that Reading were reported to be interes
